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7/30/2019 Bank of Maharashtra 4Q FY 2013
1/11
Please refer to important disclosures at the end of this report 1
Particulars (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy)NII 871 792 9.9 647 34.6Pre-prov. profit 711 525 35.4 250 184.3
PAT 259 194 33.5 73 255.6Source: Company, Angel Research
Bank of Maharashtra reported a healthy performance for 4QFY2013, registering
a bottom-line growth of 255.6% yoy, which was ahead of our expectation of
192.5% yoy growth. Strong NII growth (34.6% yoy, aided by similar growth in
advances), robust non-interest income performance (more than double on a yoy
basis) and flat provisioning expenses (a sequential improvement in asset quality andalso due to high base), resulted in healthy earnings performance for the bank.
NIMs and Asset quality, both improve sequentially:During 4QFY2013, the bankreported a flat sequential growth in its business, however it posted a strong
growth on a yoy basis, with the advances and deposits growing by 34.6% and
23.3% yoy, respectively. Strong loan growth on a yoy basis was primarily led by
higher Retail, Agricultural and MSE advances, which grew by 38.4%, 30.9% and
30.8% yoy respectively. The CASA ratio for the bank stood largely stable on a yoy
basis to 40.8%, however, was higher sequentially by 684bp, as the bank
witnessed a 5.0% qoq decline in overall deposits. Reported NIMs for the bank
were higher by 21bp qoq to 3.1%, on back of qoq higher CASA ratio.
Non-interest income grew at a robust pace of 121.2% yoy to `382cr, however,
the details regarding the non-interest income break-up are not available from the
bank. The bank delivered improvement on the asset quality front, as both gross
and net NPAs came down sequentially. However, further details regarding the
asset quality - particularly the gross NPA movement and restructuring during the
quarter, were not available from the bank. On an absolute basis, Gross and Net
NPA levels were sequentially lower by 11.4% and 19.3%, respectively. Gross and
Net NPA ratios, for the bank declined sequentially by 22bp and 14bp,
respectively to 1.5% and 0.5%. The banks PCR improved by 85bp qoq and stood
amongst the best within the PSU pack at 83.7%.
Outlook and valuation: At the current market price, the stock trades at a valuationof 0.6x FY2015E ABV. Recent capital infusion (albeit at book-dilutive valuations)
has strengthened the CAR for the bank (total CAR at 12.6%), still core tier-Iremains low (calculated core tier-I at around 6.5%). Additionally, recent
aggressive loan growth increases concerns about future asset quality. Hence, werecommend a Neutral rating on the stock.Key financialsY/E March (` cr) FY2012 FY2013 FY2014E FY2015ENII 2,517 3,033 3,626 3,911% chg 27.9 20.5 19.5 7.9
Net profit 431 759 895 960% chg 30.4 76.3 17.9 7.2
NIM (%) 3.2 3.1 3.1 3.0
EPS (`) 6.2 10.6 12.7 13.6P/E (x) 9.1 5.3 4.5 4.2
P/ABV (x) 0.9 0.8 0.7 0.6
RoA (%) 0.5 0.7 0.7 0.7
RoE (%) 11.2 16.8 16.9 16.0
Source: Company, Angel Research
NEUTRALCMP `56
Target Price -
Investment Period -
Stock Info
Sector
Bloomberg Code
Shareholding Pattern (%)
Promoters 81.2
MF / Banks / Indian Fls 10.1
FII / NRIs / OCBs 0.9
Indian Public / Others 7.8
Abs. (%) 3m 1yr 3yr
Sensex 0.2 16.9 15.8
BOMH (0.7) 9.0 (0.3)
Banking
Market Cap (`cr) 3,721
Beta 1.0
52 Week High / Low 66/43
Avg. Daily Volume 85,534
Face Value (`) 10
BSE Sensex 19,674
Nifty 5,971
Reuters Code BMBK.BO
BOMH@IN
Vaibhav Agrawal022 3935 7800 Ext: 6808
vaibhav.agrawal@angelbroking.com
Sourabh Taparia022 3935 7800 Ext: 6872
sourabh.taparia@angelbroking.com
Akshay Narang022 3935 7800 Ext: 6829
akshay.narang@angelbroking.com
Harshal Patkar022 3935 7800 Ext: 6847
harshal.patkar@angelbroking.com
Bank of MaharashtraPerformance Highlights
4QFY2013 Result Update | Banking
May 6, 2013
7/30/2019 Bank of Maharashtra 4Q FY 2013
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 2
Exhibit 1:4QFY2013 performanceParticulars (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy) FY2013 FY2012 % chg (qoq)Interest earned 2,781 2,537 9.7 1,898 46.5 9,613 7,214 33.3- on Advances / Bills 2,144 1,927 11.2 1,448 48.1 7,299 5,491 32.9- on investments 603 584 3.3 445 35.4 2,231 1,709 30.6
- on balance with RBI & others 34 3 975.3 0 9,338.9 38 2 2,427.6
- on others 1 22 (97.3) 5 (88.6) 45 13 241.6
Interest Expended 1,910 1,744 9.5 1,251 52.7 6,580 4,697 40.1Net Interest Income 871 792 9.9 647 34.6 3,033 2,517 20.5Other income 382 174 120.3 173 121.2 912 641 42.3
Operating income 1,253 966 29.8 820 52.8 3,945 3,158 24.9Operating expenses 543 441 23.1 570 (4.8) 1,797 1,643 9.4- Employee expenses 363 288 26.2 423 (14.1) 1,188 1,113 6.7
- Other Opex 180 153 17.4 148 21.7 609 530 15.0
Pre-provision Profit 711 525 35.4 250 184.3 2,149 1,515 41.8Provisions & Contingencies 124 144 (13.5) 144 (13.7) 807 856 (5.8)
PBT 586 381 53.8 106 454.2 1,342 659 103.7Provision for Tax 327 187 74.9 33 893.5 583 228 155.4
PAT 259 194 33.5 73 255.6 759 431 76.3Effective Tax Rate (%) 55.8 49.1 673bp 31.1 2468bp 43.4 34.6 879bp
Source: Company, Angel Research
Exhibit 2:4QFY2013 Actual vs Angel estimatesParticulars (` cr) Actual Estimates Var. (%)Net interest income 871 832 4.7
Other income 382 191 99.7
Operating income 1,253 1,024 22.4Operating expenses 543 594 (8.6)
Pre-prov. profit 711 430 65.4Provisions & cont. 124 129 (3.8)
PBT 586 300 95.2
Prov. for taxes 327 87 275.0
PAT 259 213 21.5Source: Company, Angel Research
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 3
Exhibit 3:4QFY2013 performance analysisParticulars 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy)Advances (`cr) 75,471 74,071 1.9 56,060 34.6
Deposits (`cr) 94,337 99,276 (5.0) 76,529 23.3Credit-to-Deposit Ratio (%) 80.0 74.6 539bp 73.3 675bp
CASA deposits (`cr) 38,480 33,700 14.2 31,632 21.6
CASA ratio (%) 40.8 33.9 684bp 41.3 (54)bp
CAR (%) 12.6 10.7 189bp 12.4 16bp
Profitability Ratios (%)Yield on advances 11.2 11.7 (43)bp 11.5 (27)bp
Reported NIM 3.1 2.9 21bp 3.2 (7)bp
Cost-to-income ratio 43.3 45.6 (234)bp 69.5 (2621)bp
Asset qualityGross NPAs (`cr) 1,138 1,284 (11.4) 1,297 (12.3)Gross NPAs (%) 1.5 1.7 (22)bp 2.3 (79)bp
Net NPAs (`cr) 393 487 (19.3) 470 (16.3)
Net NPAs (%) 0.5 0.7 (14)bp 0.8 (32)bp
Provision Coverage Ratio (%) 83.7 82.8 85bp 80.4 332bp
Source: Company, Angel Research
Loan book remains flat qoq; NIMs improve sequentially
During 4QFY2013, the bank reported a flat sequential growth in its business, with
advances witnessing a meager growth of 1.9% qoq, while deposits declined by
5.0% qoq. The business growth was strong on a yoy basis, with the advancesregistering a growth of 34.6% yoy and deposits growing by 23.3% yoy. Strong
loan growth on a yoy basis was primarily led by higher Retail, Agricultural and
MSE advances, which grew by 38.4%, 30.9% and 30.8% yoy respectively.
Overall, the CASA deposits grew by 21.6% yoy (up by 14.2% qoq) to around
`38,480cr. CASA ratio for the bank stood largely stable on a yoy basis to 40.8%,
however, was higher by 684bp sequentially, as the bank witnessed 5.0% qoq
decline in overall deposits.
During the quarter, the reported NIM for the bank improved by 21bp sequentially
to 3.1%, on back of 684bp sequential improvement in the CASA ratio, even as
yield on advances came in lower by 43bp sequentially to 11.2% (primarily due to
the 25bp base rate cut effected in February 2013).
7/30/2019 Bank of Maharashtra 4Q FY 2013
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 4
Exhibit 4:Business growth qoq
Source: Company, Angel Research
Exhibit 5:CASA ratio improves sequentially by 684bp
Source: Company, Angel Research
Exhibit 6:NIM improves sequentially by 21bp
Source: Company, Angel Research
Exhibit 7:YoA declines by 43bp sequentially
Source: Company, Angel Research
Robust performance on the non-interest income front
During 4QFY2013, the banks non-interest income grew at a robust pace of
121.2% yoy to `382cr, however, the details regarding the non-interest income
break-up across segments are not available from the bank.
Asset quality improves sequentially
During 4QFY2013, the bank delivered improvement on the asset quality front, as
both gross and net NPAs came down sequentially. However, further details
regarding the gross NPA movement and restructuring during the quarter, were not
available from the bank. On an absolute basis, Gross and Net NPA levels were
sequentially lower by 11.4% and 19.3%, respectively. Gross and Net NPA ratios,
for the bank declined sequentially by 22bp and 14bp, respectively to 1.5% and
0.5%. The banks PCR improved by 85bp qoq and stood amongst the best within
the PSU pack at 83.7%.
12.4
1.4
12.2
16.0
1.9
9.4
4.4
8.3
14.7
(5.0
)
73.3
71.2
73.8
74.6
80.0
66.0
68.0
70.0
72.0
74.0
76.0
78.080.0
82.0
(10.0)
(5.0)
-
5.0
10.0
15.0
20.0
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
Adv. qoq chg (%) Dep. qoq chg (%) CDR (%, RHS)
41.3
39.6
37.4
33.9
40.8
17.0
14.4 14.7
17.5
21.6
-
5.0
10.0
15.0
20.0
25.0
25.0
28.0
31.0
34.0
37.0
40.0
43.0
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
CASA ratio (%) CASA yoy growth (%, RHS)
3.17
2.912.99
2.89
3.10
1.5
2.0
2.5
3.0
3.5
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
11.5011.16
11.67 11.6611.23
7.50
8.50
9.50
10.50
11.50
12.50
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
7/30/2019 Bank of Maharashtra 4Q FY 2013
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 5
Exhibit 8:NPA Ratios improved sequentially
Source: Company, Angel Research
Operating expenses lower by 4.8% yoy during 4QFY2013
During 4QFY2013, while other operating expenses for the bank were higher by
21.7% yoy to `180cr, overall operating expenses declined by 4.8% yoy to `543cr,
aided by a 14.1% yoy decline in staff expenses to `363cr. For 4QFY2013, the
opex-to-average assets ratio for the bank stood at 1.8%, while Cost-to-income
ratio stood at 43.3%.
Exhibit 9:Operating expenses trend for BOM
Source: Company, Angel Research
Exhibit 10:Declining trend in Cost ratios
Source: Company, Angel Research
Investment arguments
Healthy CASA franchise ensures low-cost funding
Bank of Maharashtra has enjoyed a healthy CASA franchise for the past several
years on the back of strong rural and semi-urban presence (accounting for around
55% of the entire branch network). Also, the Management has been constantly
focusing on reduction of dependence on bulk deposits. The benefit of a healthy
CASA ratio and a relatively lower dependence on bulk deposits is reflected in thebanks relatively lower cost of deposits than peers.
2.3
2.2
2.0
1.7
1.5
0.8
1.0
0.9
0.7
0.5
80.4 79.3 80.1 82.8 83.7
20.0
40.0
60.0
80.0
100.0
-
1.0
2.0
3.0
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
Gross NPAs (%) Net NPAs (%) PCR (%, RHS)
423 259 277 288 363
148
130 146153
180
570
390 423441
543
-
100
200
300
400
500
600
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(` cr) Staff expenses Other opex
2.7 1.7 1.8 1.6 1.8
69.5
47.0 47.2 45.6 43.3
-
20.0
40.0
60.0
80.0
-
0.5
1.0
1.5
2.0
2.5
3.0
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
Opex to average assets (%) Cost-to-income ratio (%, RHS)
7/30/2019 Bank of Maharashtra 4Q FY 2013
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 6
Outlook and Valuation
At the current market price, the stock trades at a valuation of 0.6x FY2015E ABV.
The recent capital infusion (albeit at book-dilutive valuations) has strengthened the
CAR for the bank (total CAR at 12.6%), still core tier-I remains low (calculated core
tier-I at around 6.5%). Additionally, recent aggressive loan growth increases
concerns about future asset quality. Hence, we recommend a Neutral rating on thestock.Exhibit 11:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2014E FY2015E FY2014E FY2015ECredit growth 13.0 13.0 11.0 13.0
Deposit growth 11.0 11.0 11.0 13.0
CASA ratio 34.1 34.7 36.3 36.2NIMs 2.9 2.8 3.1 3.0
Other income growth 4.5 7.6 (15.7) 8.0
Growth in staff expenses 12.5 10.0 12.5 10.0
Growth in other expenses 10.0 10.0 12.5 12.5
Slippages 2.4 2.4 2.4 2.4
Coverage 77.5 75.0 77.5 75.0
Source: Angel Research
Exhibit 12:Change in estimatesParticulars (` cr) FY2014E FY2015EEarlierestimates Revisedestimates Var. (%) Earlierestimates Revisedestimates Var. (%)NII 3,535 3,626 2.6 3,860 3,911 1.3
Non-interest income 754 769 2.0 811 830 2.4
Operating income 4,289 4,395 2.5 4,670 4,742 1.5Operating expenses 2,064 2,021 (2.1) 2,270 2,240 (1.3)
Pre-prov. profit 2,225 2,374 6.7 2,400 2,501 4.2Provisions & cont. 973 1,018 4.6 1,004 1,047 4.3
PBT 1,252 1,356 8.4 1,396 1,454 4.2
Prov. for taxes 425 461 8.4 475 494 4.2
PAT 826 895 8.4 922 960 4.2Source: Angel Research
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 7
Exhibit 13:P/ABV band
Source: Company, Angel Research
Exhibit 14:Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%) FY2015EP/ABV (x) FY2015ETgt. P/ABV (x) FY2015EP/E (x) FY2013-15EEPS CAGR (%) FY2015ERoA (%) FY2015ERoE (%)AxisBk Buy 1,461 1,714 17.3 1.6 1.9 9.6 17.3 1.6 17.6
FedBk Neutral 448 - - 1.0 - 7.5 10.0 1.2 13.7
HDFCBk Neutral 675 - - 3.2 - 15.8 22.8 1.8 21.8
ICICIBk* Buy 1,144 1,352 18.2 1.6 1.9 11.9 15.5 1.5 15.6
SIB Neutral 24 - - 0.9 - 5.4 11.4 1.0 17.1
YesBk Neutral 497 - - 2.1 - 10.4 14.9 1.3 22.1
AllBk Buy 133 155 16.6 0.5 0.6 3.7 12.6 0.8 14.2AndhBk Neutral 91 - - 0.6 - 3.9 4.2 0.8 13.4
BOB Buy 698 815 16.8 0.7 0.9 4.8 17.0 1.0 16.0
BOI Accumulate 330 360 9.0 0.7 0.8 4.8 21.8 0.8 15.1
BOM Neutral 56 - - 0.6 - 4.3 14.8 0.6 15.6CanBk Buy 392 461 17.6 0.6 0.8 4.6 14.0 0.8 14.1
CentBk Neutral 69 - - 0.6 - 3.9 42.8 0.6 13.3
CorpBk Buy 376 453 20.6 0.5 0.6 3.5 8.3 0.8 14.4
DenaBk Neutral 92 - - 0.5 - 3.5 4.3 0.8 15.3
IDBI# Neutral 88 - - 0.5 - 4.7 15.2 0.7 11.3
IndBk Buy 163 193 18.4 0.5 0.7 3.9 6.5 1.0 14.9
IOB Accumulate 63 66 5.5 0.4 0.4 3.1 53.3 0.7 13.1
J&KBk Neutral 1,342 - - 1.0 - 6.7 (5.2) 1.2 16.0
OBC Accumulate 257 282 9.8 0.5 0.6 4.1 17.5 0.8 13.1
PNB Buy 738 889 20.5 0.7 0.8 4.2 12.4 1.0 16.3
SBI* Buy 2,225 2,567 15.3 1.2 1.4 7.9 16.4 1.0 17.0
SynBk Neutral 130 - - 0.6 - 4.5 (3.5) 0.7 15.2
UcoBk Neutral 73 - - 0.8 - 5.1 36.9 0.6 12.6
UnionBk Accumulate 241 264 9.6 0.7 0.8 5.0 21.2 0.8 15.3
UtdBk Accumulate 60 68 13.0 0.4 0.5 2.9 40.4 0.7 14.7
VijBk Neutral 52 - - 0.6 - 4.8 21.2 0.5 11.7
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
0
20
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140
160
180
Apr-04
Nov-0
4
Jun-0
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Jan-0
6
Aug-0
6
Mar-07
Oct-07
May-0
8
Dec-0
8
Jul-09
Feb-1
0
Sep-1
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Apr-11
Nov-1
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Jun-1
2
Jan-1
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Aug-1
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Mar-14
Price(`) 0.4x 0.7x 1x 1.3x 1.6x
7/30/2019 Bank of Maharashtra 4Q FY 2013
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 8
Company Background
Bank of Maharashtra is a mid-sized Pune-based public sector bank, with
operations mostly concentrated in the parent state of Maharashtra (around 63%
branches in the state as of FY2013). The bank has the highest number of branches
in Maharashtra (1,050+ as of FY2013) after State Bank of India; this has allowed
the bank to grow in-line with the state's progress over the past decade.
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 9
Income statement
Y/E March (` cr) FY10 FY11 FY12 FY13 FY14E FY15ENet Interest Income 1,296 1,968 2,517 3,033 3,626 3,911- YoY Growth (%) 3.2 51.9 27.9 20.5 19.5 7.9Other Income 591 531 641 912 769 830- YoY Growth (%) 18.2 (10.2) 20.7 42.4 (15.7) 8.0
Operating Income 1,887 2,499 3,158 3,945 4,395 4,742- YoY Growth (%) 7.5 32.4 26.3 24.9 11.4 7.9
Operating Expenses 1,073 1,644 1,643 1,797 2,021 2,240- YoY Growth (%) 11.4 53.2 (0.1) 9.4 12.5 10.8
Pre - Provision Profit 815 855 1,515 2,149 2,374 2,501- YoY Growth (%) 2.6 5.0 77.2 41.8 10.5 5.4
Prov. & Cont. 246 467 856 807 1,018 1,047- YoY Growth (%) (13.0) 90.1 83.3 (5.8) 26.2 2.9
Profit Before Tax 569 388 659 1,342 1,356 1,454- YoY Growth (%) 11.3 (31.8) 69.9 103.7 1.0 7.2
Prov. for Taxation 129 57 228 583 461 494- as a % of PBT 22.7 14.8 34.6 43.4 34.0 34.0
PAT 440 330 431 759 895 960- YoY Growth (%) 17.2 (24.8) 30.4 76.3 17.9 7.2
Preference Dividend - 34 64 58 58 58PAT avl. to Eq. shareholders 440 297 367 701 837 902- YoY Growth (%) 17.2 (32.5) 23.8 91.0 19.3 7.7
Balance sheetY/E March (` cr) FY10 FY11 FY12 FY13 FY14E FY15EShare Capital 431 1,070 1,178 1,249 1,249 1,249
- Equity 431 482 590 661 661 661
- Preference - 588 588 588 588 588
Reserve & Surplus 2,428 2,901 3,545 5,147 5,792 6,502
Deposits 63,304 66,845 76,529 94,337 104,714 118,327
- Growth (%) 21.1 5.6 14.5 23.3 11.0 13.0
Borrowings 129 577 1,325 10,440 10,840 12,204
Tier 2 Capital 2,668 2,500 2,500 2,438 2,377 2,317
Other Liab. & Prov. 2,096 2,550 2,941 3,341 3,669 4,231
Total Liabilities 71,056 76,442 88,017 116,953 128,641 144,831Cash Balances 5,315 3,846 4,535 5,265 4,712 5,325
Bank Balances 1,379 203 1,209 908 1,930 2,172
Investments 21,324 22,491 22,911 31,430 34,008 37,972
Advances 40,315 46,881 56,060 75,471 83,773 94,663
- Growth (%) 17.6 16.3 19.6 34.6 11.0 13.0
Fixed Assets 660 667 601 1,429 1,525 1,666
Other Assets 2,063 2,354 2,701 2,449 2,694 3,033
Total Assets 71,056 76,442 88,017 116,953 128,641 144,831- Growth (%) 20.4 7.6 15.1 32.9 10.0 12.6
7/30/2019 Bank of Maharashtra 4Q FY 2013
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 10
Ratio analysis
Y/E March FY10 FY11 FY12 FY13 FY14E FY15EProfitability ratios (%)NIMs 2.1 2.8 3.2 3.1 3.1 3.0Cost to Income Ratio 56.8 65.8 52.0 45.5 46.0 47.3
RoA 0.7 0.4 0.5 0.7 0.7 0.7
RoE 19.7 11.3 11.2 16.8 16.9 16.0
B/S ratios (%)CASA Ratio 36.9 40.4 41.3 36.6 36.3 36.2
Credit/Deposit Ratio 63.7 70.1 73.3 80.0 80.0 80.0
CAR 12.8 13.4 12.4 10.7 10.6 10.2
- Tier I 5.7 8.0 8.3 7.6 7.7 7.7
Asset Quality (%)Gross NPAs 3.0 2.5 2.3 1.5 3.0 4.1
Net NPAs 1.6 1.3 0.8 0.5 1.0 1.4
Slippages 2.5 1.7 1.8 2.1 2.4 2.4
Loan Loss Prov. /Avg. Assets 0.4 0.5 0.8 0.6 0.7 0.7
Provision Coverage 54.7 65.6 80.4 83.7 77.5 75.0
Per Share Data (`)EPS 10.2 6.2 6.2 10.6 12.7 13.6
ABVPS (75% cover.) 48.9 57.5 63.8 70.9 80.7 91.4
DPS 2.0 2.0 2.2 2.3 2.5 2.5
Valuation RatiosPER (x) 5.5 9.2 9.1 5.3 4.5 4.2
P/ABVPS (x) 1.2 1.0 0.9 0.8 0.7 0.6
Dividend Yield 3.5 3.5 3.9 4.1 4.4 4.4
DuPont AnalysisNII 2.0 2.7 3.1 3.0 3.0 2.9
(-) Prov. Exp. 0.4 0.6 1.0 0.8 0.8 0.8
Adj. NII 1.6 2.0 2.0 2.2 2.1 2.1
Treasury 0.3 0.1 0.0 0.1 0.0 0.0
Int. Sens. Inc. 1.9 2.1 2.0 2.2 2.2 2.1
Other Inc. 0.6 0.6 0.8 0.8 0.6 0.6
Op. Inc. 2.5 2.8 2.8 3.1 2.8 2.7
Opex 1.6 2.2 2.0 1.8 1.6 1.6PBT 0.9 0.5 0.8 1.3 1.1 1.1
Taxes 0.2 0.1 0.3 0.6 0.4 0.4
RoA 0.7 0.4 0.5 0.7 0.7 0.7
Pref. Div. - 0.0 0.1 0.0 0.0 0.0
RoA after Pref. Div 0.7 0.4 0.5 0.7 0.7 0.7Leverage 29.1 27.6 24.5 24.3 24.5 24.0
RoE 19.7 11.3 11.2 16.8 16.9 16.0
7/30/2019 Bank of Maharashtra 4Q FY 2013
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Bank of Maharashtra | 4QFY2013 Result Update
May 6, 2013 11
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.
Disclosure of Interest Statement Bank of Maharashtra
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors
Recommended